PRA Proposes Reporting Changes In Line with the EBA Taxonomy 2.9
PRA is proposing (in CP19/18) to update certain reporting requirements to reflect relevant proposals made by the EBA in its open consultations on changes to the implementing technical standards on supervisory reporting. The proposed changes are in line with the EBA consultation on Taxonomy 2.9. The consultation closes on December 12, 2018.
The consultation proposes a number of changes to the PRA reporting requirements as a result of the EBA proposals to update the implementing standards on supervisory reporting. The proposals in this consultation paper cover existing PRA reporting templates for ring-fenced banks (RFBs), statement of profit and loss, and forecast capital data (currently known as Capital+). The consultation also contains a proposal to extend the scope of new Financial Reporting (FINREP) templates to firms that are not required to report using FINREP templates under Article 99 of the Capital Requirements Regulation or CRR (EU Regulation 575/2013). This proposed extension consists of the non-performing loan (NPL) and forborne exposure templates contained in the EBA consultations. The proposed changes will enhance PRA reporting and maintain consistency with the EBA reporting requirements.
This consultation paper CP19/18 is relevant to UK banks and building societies. It is not relevant to PRA-designated UK investment firms, to UK branches of firms in other European Economic Area (EEA) countries and non-EEA countries, or to insurance firms. The consultation paper should be read with the open EBA consultations on changes to the implementing standards on supervisory reporting as well as the Regulatory Reporting Part of the PRA Rulebook and the Supervisory Statement SS34/15. Any modifications to the proposals made by EBA, following its consultation process, will be considered; where the amendments do not differ substantively from the proposals made in this consultation paper, these changes will be implemented by PRA in the form contained in the finalized implementing technical standards.
Related Links
Keywords: Europe, UK, Banking, Reporting, Taxonomy, CP19/18, EBA, PRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
BCBS Issues Guiding Principles to Operationalize Sectoral CCyBRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
